Armory Securities’ distressed fund up more than 14% – April Performance Review

Los Angeles-headquartered Armory Securities delivered stellar returns for April, as its $33m Credit Opportunity Fund produced 20.5% returns for the month and an impressive 14.6% YTD.

The standout performance of Armory’s distressed-focused fund reflects a broader upswing for distressed strategies in April which produced 3% returns across the board.

In second place was another credit opportunity vehicle as Sidus Investment Management’s eponymous fund topped 5% returns in April and 13.9% for the year.

Clayton DeGiacinto’s $2.6bn Axonic Capital continued its positive performance for 2016 with its $190m Arbitrage Fund in third position with YTD returns just shy of 13%.

Meanwhile Phoenix Capital Management’s $631m JLP Credit Opportunity Fund delivered almost 10% returns in April while its Institutional Fund is also in the top 20 after producing 6.5% for the month.

London-based Cheyne Capital, who saw its CIO Christopher Goekjian retire last month, also had two of its funds in the top 20. Its two Total Return Credit Funds, a combined%.

The Alt Credit Intelligence data pages are based on self-reported data provided to Morningstar and a number of other sources plus some self-reported returns provided to the HFM team. The liquid alternatives spread is based on data from Morningstar and LuxHedge. If you would like your fund to be listed in future editions please contact paul.mcmillan@hfmweek.com.

Click here for March review

Top Performers in April

Top Credit L/S FundJLP Institutional Credit Fund$234m6.5%
Top Convertible ARBPine River Convert Master Fund Ltd$208.6m4.7%
Top Fixed Income ARBHellebore Credit Arbitrage$120.1m4.0%
Top Distressed SecuritiesArmory Credit Opportunity Fund LP$33m20.5%
Top FoHFStenham Credit Opportunities USD $21.6m2.0%
Top Fixed Income MBSAngel Oak Strategic Mortgage Income$220.5m3.4%
Top Fixed Income High YieldVenator Income Fund F$57.2m5.69%
Top Alt Credit UcitsOyster Global High Yield I USD HD$260.2m4.4%
Top 40 Act FundHighland Opportunistic Credit$56m12.1%

Top 20 Overall YTD (April)

NameFund Size ($m)April 2016 return (%)`YTD return (%)`
Armory Credit Opportunity Fund LP33.020.514.6
SIDUS IV Credit Opportunity Fund LP32.25.213.9
Axonic Systematic Arbitrage Fund LP190.43.212.9
JLP Credit Opportunity Fund LP631.09.511.5
Hellebore Credit Arbitrage120.14.08.8
JLP Institutional Credit Fund234.06.57.9
Cheyne Total Return Credit Dec 2019202.04.37.2
Phoenix Fund NV42.21.76.8
SGAS Pearl Vega Limited22.8-1.16.1
NZC Guggenheim Fund Ltd300.13.86.0
IAM Structured Credit Strat Composite108.92.95.9
Wexford Credit Opps LP Class A77.94.45.7
Cheyne Total Return Credit Dec 2020215.34.65.4
Asgard Fixed Income Fund I Ltd EUR475.42.45.3
Nykredit Alpha Mira100.72.35.2
Brookfield Credit Opportunities Fund304.23.84.7
Pine River Convert Master Fund Ltd208.64.74.4
Danske Invest Hedge FI Strategy1130.13.04.4
P Gracie SMA244.70.44.2
NZC Guggenheim Fund LLC759.53.14.2

Top 50 Credit L/S April

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
JLP Institutional Credit Fund234.06.57.9
SIDUS IV Credit Opportunity Fund LP32.25.213.9
Franklin Fixed Income Opps Composite58.15.01.8
Cheyne Total Return Credit Dec 2020215.34.65.4
Cheyne Total Return Credit Dec 2019202.04.37.2
Orchard SquarePartners Credit Fund Ltd193.54.0-0.3
Rhodium Capital Credit Master Fund Ltd5.34.0-1.6
NZC Guggenheim Fund Ltd300.13.86.0
III Select Credit Fund LP (C)208.03.83.0
NZC Guggenheim Fund LLC759.53.14.2
Serengeti Lycaon Fund257.43.04.1
III Relative Value Crdt Strat LP (3)25.02.92.9
LFIS VISION Credit Opportunities I USD273.42.8-2.4
GAM Global Rates (US) USD120.22.7-0.1
CVC Global Credit Opportunities Fund355.02.60.6
Cedar Ridge Investors I LP31.92.53.7
Serone Key Opportunities Fund EUR171.62.52.1
KLS Diversified Master Fund LP1540.02.4-0.9
Napier Park European Credit Opp Fund403.62.01.3
Kingdon Credit Master Fund LP335.01.9-0.1
Loomis Sayles Credit L/S LP32.71.82.4
Alpha Opportunities16.01.81.0
Coherence Capital Spectrum LP A94.41.72.1
Northlight European Fundamental Credit248.31.60.2
Loomis Sayles Credit L/S Ltd650.21.51.9
Fifth Street Opportunities Fund LP59.21.52.8
Rimrock High Income PLUS Ltd2483.81.5-1.2
Rimrock Low Volatility QP Master386.91.3-0.3
PIMCO Tactical Opportunities Fund972.01.20.8
Column Park Partners LP330.41.22.3
Prologue Ltd Class A Shares Series USD982.01.11.2
Rimrock Structured Product Fund292.61.10.7
Prologue Ltd Class A Shares Series GBP982.01.11.0
Symphony Event Driven Opp Fund LP80.61.00.0
PIMCO Glbl Credit Opportunity Strategy3378.00.81.1
BlueBay Event Driven Credit Fund154.50.7-2.3
AAG Aviation Fund92.70.6-3.1
Eiffel Credit Opportunities83.30.5-2.7
Samuel Municipal Total Return Fund LP28.30.41.1
P Gracie SMA244.70.44.2
Candlewood Structured Credit Hrvst Ltd442.00.3-5.1
Chenavari - Reg Cap Strat DR EUR171.70.33.7
Gracie Credit Opportunities LP60.10.33.6
KKR Credit Alpha Fund Ltd (GBP)6.6-0.1-1.0
BlueBay Credit Alpha L/S Fund241.4-0.7-1.3
SGAS Pearl Vega Limited22.8-1.16.1
Rivoli Long Short Bond Fund18.3-1.72.5
LNG Europa Credit Fund119.0-1.82.2
Teak Hill Fund151.7-2.7-12.9
Chenavari - Euro RE Debt Strat R2 EUR51.7-10.7-10.0

Top 50 Credit L/S YTD

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
SIDUS IV Credit Opportunity Fund LP32.25.213.9
JLP Institutional Credit Fund234.06.57.9
Cheyne Total Return Credit Dec 2019202.04.37.2
SGAS Pearl Vega Limited22.8-1.16.1
NZC Guggenheim Fund Ltd300.13.86.0
Cheyne Total Return Credit Dec 2020215.34.65.4
P Gracie SMA244.70.44.2
NZC Guggenheim Fund LLC759.53.14.2
Serengeti Lycaon Fund257.43.04.1
Cedar Ridge Investors I LP31.92.53.7
Chenavari - Reg Cap Strat DR EUR171.70.33.7
Gracie Credit Opportunities LP60.10.33.6
III Select Credit Fund LP (C)208.03.83.0
III Relative Value Crdt Strat Ltd (3)149.02.92.9
Fifth Street Opportunities Fund LP59.21.52.8
Rivoli Long Short Bond Fund18.3-1.72.5
Loomis Sayles Credit L/S LP32.71.82.4
Column Park Partners LP330.41.22.3
LNG Europa Credit Fund119.0-1.82.2
Serone Key Opportunities Fund USD171.62.52.2
Coherence Capital Spectrum LP A94.41.72.1
Loomis Sayles Credit L/S Ltd650.21.51.9
Franklin Fixed Income Opps Composite58.15.01.8
Napier Park European Credit Opp Fund403.62.01.3
Prologue Ltd Class A Shares Series USD982.01.11.2
Samuel Municipal Total Return Fund LP28.30.41.1
PIMCO Glbl Credit Opportunity Strategy3378.00.81.1
Alpha Opportunities16.01.81.0
PIMCO Tactical Opportunities Fund972.01.20.8
Rimrock Structured Product Fund292.61.10.7
CVC Global Credit Opportunities Fund355.02.60.6
Northlight European Fundamental Credit248.31.60.2
Symphony Event Driven Opp Fund LP80.61.00.0
Kingdon Credit Master Fund LP335.01.9-0.1
GAM Global Rates (US) USD120.22.7-0.1
Symphony Event Driven Opp Fund Offshr7.41.0-0.1
Orchard SquarePartners Credit Fund Ltd193.54.0-0.3
Rimrock Low Volatility QP Master386.91.3-0.3
KLS Diversified Master Fund LP1540.02.4-0.9
KKR Credit Alpha Fund Ltd (GBP)6.6-0.1-1.0
Rimrock High Income PLUS Ltd2483.81.5-1.2
BlueBay Credit Alpha L/S Fund241.4-0.7-1.3
Rhodium Capital Credit Fund LP5.34.0-1.6
BlueBay Event Driven Credit Fund154.50.7-2.3
LFIS VISION Credit Opportunities I USD273.42.8-2.4
Eiffel Credit Opportunities83.30.5-2.7
AAG Aviation Fund92.70.6-3.1
Candlewood Structured Credit Hrvst Ltd442.00.3-5.1
Chenavari - Euro RE Debt Strat R2 EUR51.7-10.7-10.0
Teak Hill Fund151.7-2.7-12.9

Top 10 Convertible Arb April

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Pine River Convert Master Fund Ltd208.64.74.4
Lazard Rathmore Fund Ltd2.73.61.0
Mohican VCA Fund LP16.33.31.3
Whitebox Relative Value Partners LP342.53.04.1
Context Partners Fund LP59.32.31.4
Silverback Arb Ltd317.02.20.0
Basso Investors Ltd445.01.51.2
GLG Gl Convertible A USD146.11.4-1.6
Steelhead Pathfinder Fund562.01.42.9
Palisade Strat. Master (Cayman) Ltd143.41.30.8
Castle Creek Arb LLC637.01.20.0
Symphony Rhapsody Fund LP41.40.71.1
Polar Cap ALVA Gl Convert Ltd (A) USD77.20.30.4
Advent Convertible Arb (Cayman)235.10.31.7
Polygon Convertible Opport Fund - A422.60.31.3
Quest Global Convertible Fund Ltd30.00.30.1

Top 10 Convertible Arb YTD

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Pine River Convert Master Fund Ltd208.64.74.4
Whitebox Relative Value Partners LP342.53.04.1
Steelhead Pathfinder Fund562.01.42.9
Advent Convertible Arb (Cayman)235.10.31.7
Context Partners Fund LP59.32.31.4
Polygon Convertible Opport Fund - A422.60.31.3
Mohican VCA Fund LP16.33.31.3
Basso Investors Ltd445.01.51.2
Symphony Rhapsody Fund LP41.40.71.1
Lazard Rathmore Fund Ltd2.73.61.0
Palisade Strat. Master (Cayman) Ltd143.41.30.8
Polar Cap ALVA Gl Convert Ltd (A) USD77.20.30.4
Quest Global Convertible Fund Ltd30.00.30.1
Silverback Arb Ltd317.02.20.0
Castle Creek Arb LLC637.01.20.0
GLG Gl Convertible A USD146.11.4-1.6

Top 10 Fixed Income Arb April

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Hellebore Credit Arbitrage120.14.08.8
Axonic Systematic Arbitrage Fund LP190.43.212.9
Danske Invest Hedge FI Strategy1130.13.04.4
Asgard Fixed Income Fund I Ltd EUR475.42.45.3
Whitebox Credit Partners LP277.42.0-1.6
Barnegat Fund Ltd (B)668.62.02.7
Serenitas Credit Gamma Master Fund LP36.62.0-1.6
Rion Master Fund Ltd38.21.90.2
Lawrence Park Credit Strategies Fund278.91.72.3
Blue Mountain Credit Alternatives Ltd5629.31.2-2.0
Coast Value Fund I Ltd26.90.92.9
Capula Global RV Fund Ltd F USD8964.40.72.7

Top 10 Fixed Income Arb YTD

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Axonic Systematic Arbitrage Fund LP190.43.212.9
Hellebore Credit Arbitrage120.14.08.8
Asgard Fixed Income Fund I Ltd EUR475.42.45.3
Danske Invest Hedge FI Strategy1130.13.04.4
Sanctum Fixed Income Fund277.00.43.2
Coast Value Fund I Ltd26.90.92.9
III Convex Strategies Fund Ltd101.0-1.02.9
Capula Global RV Fund Ltd F USD8964.40.72.7
Barnegat Fund Ltd (B)668.62.02.7
Lawrence Park Credit Strategies Fund278.91.72.3
III Fund LP170.00.52.0

Top 10 Distressed Securities April

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP33.020.514.6
JLP Credit Opportunity Fund LP631.09.511.5
Sothic Capital European Opps Ltd A239.84.7-1.6
Wexford Credit Opps LP Class A77.94.45.7
Bowery Opportunity Fund LP51.34.21.1
Brookfield Credit Opportunities Fund304.23.84.7
Bowery Opportunity Fund Ltd B9.93.60.5
Armory Offshore Fund Ltd1.03.4-1.3
OCP Debt Opp Intl Ltd254.03.34.1
Armory Fund LP37.12.90.6
JLP Partners Fund LP24.62.60.5
Corrib Master Fund102.42.60.2
Sound Point Beacon Fund LP418.52.60.0
Marathon Special Opportunity Fund1298.02.5-1.7
Altum Credit Master Fund Ltd375.02.41.5
Polygon Distressed Opp Fund A99.52.40.3
Venor Capital Partners LP208.92.1-1.8

Top 10 Distressed Securities YTD

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Armory Credit Opportunity Fund LP33.020.514.6
JLP Credit Opportunity Fund LP631.09.511.5
Phoenix Fund NV42.21.76.8
Wexford Credit Opps LP Class A77.94.45.7
Brookfield Credit Opportunities Fund304.23.84.7
OCP Debt Opp Intl Ltd254.03.34.1
Trilogy Financial Ptnrs Intl Ltd125.01.74.0
Scoggin Worldwide Distressed Fund LLC151.01.02.7
Riva Ridge Capital LP279.01.92.1
Altum Credit Master Fund Ltd375.02.41.5
Hain Capital Investors LLC15.50.71.1
Bowery Opportunity Fund LP51.34.21.1
Ironshield Special Situations L1 Fund113.01.80.6
Armory Fund LP37.12.90.6
Bowery Opportunity Fund Ltd B9.93.60.5
JLP Partners Fund LP24.62.60.5
Southpaw Credit Opp Ptnrs LP1309.01.40.4

Top 40 40 Act Funds April

After a tough period Highland’s opportunistic credit vehicle was the number one performer in April with stellar returns of 12.1% taking YTD returns to 5.1%. The fund is managed by James Dondero, Trey Parker and Chris Mawn and has 81% in bonds with 15% in US stocks. The majority of bonds are corporate (77%), followed by securitised (23%). The portfolio’s biggest geographical exposure is the US (43%), followed by the Cayman Islands (41%).

NameFund Size ($m)Total return AprilTotal return YTD
Highland Opportunistic Credit Z$5612.15.1
Spectrum Low Volatility Investor$263.47.5
Redwood Managed Volatility I$2293.36.7
Counterpoint Tactical Income A$1383.07.6
BTS Tactical Fixed Income A$3112.811.2
WST Asset Manager - US Bond Instl$612.86.3
Prudential Unconstrained Bond A$262.73.9
Robinson Tax Advantaged Income A$1112.75.6
Catalyst/Princeton Hedged Income A$12.73.2
PIMCO Floating Income A$3112.72.1
Western Asset Macro Opportunities A$7282.64.5
Pioneer Dynamic Credit A$2902.64.8
Iron Strategic Income Institutional$1642.64.2
Neuberger Berman Unconstrained Bd A$612.5-0.7
Navigator Tactical Fixed Income A$3672.49.7
Putnam Diversified Income A$3,5172.4-2.4
Transamerica Unconstrained Bond I$1632.32.7
Prudential Global Absolute Return Bond A$252.30.9
AB Credit Long/Short A$222.24.1
Columbia Strategic Income A$2,6202.24.4
Virtus Strategic Income A$292.23.2
Putnam Mortgage Opportunities I$102.2-1.9
SunAmerica Flexible Credit A$2862.14.1
ALPS/Westport Resources Hedged Hi Inc A$152.12.4
JPMorgan Strategic Income Opps A$13,2242.13.2
Altrius Enhanced Income I$52.03.5
MainStay Unconstrained Bond A$1,5382.03.1
Touchstone Credit Opportunities A$561.94.8
Palmer Square Long/Short Credit A$171.80.3
Loomis Sayles Strategic Alpha A$1,2411.81.8
Scout Unconstrained Bond Instl$1,3031.85.2
Guggenheim Macro Opportunities A$3,1281.71.9
Stone Harbor Strategic Income Instl$371.75.3
Western Asset Total Return Uncons I$1,1591.71.4
MFS Absolute Return A$2081.73.6
PIMCO Unconstrained Bond A$4,7581.71.0
JHancock Short Duration Credit Opps A$1,3911.73.0
Wells Fargo Strategic Income A$251.62.3
Toews Unconstrained Income$921.64.2
Brown Advisory Strategic Bond Adv$411.61.9

Top 40 40 Act Funds YTD

BTS Asset Management tops the charts YTD with 2.8% returns in April taking YTD returns to 11.2%. The fund is managed by Matthew and Vilas Pasts. The fund is 92% invested in bonds with the rest in cash, with the vast majority of assets in corporate bonds. Most of the portfolio is in BB or B bonds (46& and 40%) with 13% invested below B. Nearly 80% of the portfolio is US, with Luxembourg, Canada and the UK the next biggest exposures.

NameFund Size ($m)Total return (%) AprilTotal return (%) YTD
BTS Tactical Fixed Income A$3112.811.2
Navigator Tactical Fixed Income A$36710,369,595.79.7
Counterpoint Tactical Income A$1383.07.6
Spectrum Low Volatility Investor$263.47.5
Redwood Managed Volatility I$2293.36.7
WST Asset Manager - US Bond Instl$612.86.3
Robinson Tax Advantaged Income A$1112.75.6
Stone Harbor Strategic Income Instl$371.75.3
Scout Unconstrained Bond Instl$1,3031.85.2
Highland Opportunistic Credit Z$5612.15.1
Pioneer Dynamic Credit A$2902.64.8
Touchstone Credit Opportunities A$561.94.8
Western Asset Macro Opportunities A$7282.64.5
Columbia Strategic Income A$2,6202.24.4
JNL/Scout Unconstrained Bond A$1,1041.34.4
Anchor Tactical Credit Strategies Inv$1391.44.3
Iron Strategic Income Institutional$1642.64.2
Toews Unconstrained Income$921.64.2
Wavelength Interest Rate Neutral$171.04.1
AB Credit Long/Short A$222.24.1
North Star Bond I$121.14.1
SunAmerica Flexible Credit A$2862.14.1
WHV/Acuity Tactical Credit Long/Short A$291.24.0
Legg Mason BW Absolute Return Opp A$1,5721.03.9
Prudential Unconstrained Bond A$262.73.9
MFS Absolute Return A$2081.73.6
Altrius Enhanced Income I$52.03.5
CMG Tactical Bond I$341.33.4
Salient Tactical Muni Strategy Instl$1391.23.3
Virtus Strategic Income A$292.23.2
Catalyst/Princeton Hedged Income A$12.73.2
JPMorgan Strategic Income Opps A$13,2242.13.2
MainStay Unconstrained Bond A$1,5382.03.1
Sierra Strategic Income A$4040.93.1
JHancock Short Duration Credit Opps A$1,3911.73.0
Arrow Alternative Solutions A$1490.72.9
Goldman Sachs Long Shrt Crdt Strats Inst$1971.52.8
SMI Bond$80.22.8
Transamerica Unconstrained Bond I$1632.32.7
Principal Credit Opps Explor A$191.42.6

Top 10 FOHF April

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Stenham Credit Opportunities USD21.62.00.1
EnTrust Diversified Select Credit LP39.81.8-0.4
Corbin Opportunity Fund661.11.71.6
Sandalwood Debt Fund B LP199.01.5-0.1
Permal Fixed Income Holdings A USD2234.81.4-1.4
AIP Select Mortgage Fund LP75.51.1-3.7
TAS Fixed Income Arbitrage H USD48.40.80.4
Burkian Fund Strategy18.00.8-2.4
GLL Single Strategy LP22.00.8-2.2
Insignia Opportunity Fund LPN/A0.7-1.6
TAS Fixed Income Arbitrage A USD48.40.70.1
Acorn Credit Strategies LP30.50.5-1.8
Narrapuno SPC - Convergence A USD31.00.40.3
Morrocroft Special Opportunity II LP50.00.00.8
Lighthouse Credit Opp. LP (B)66.0-0.7-4.7

Top 10 FOHF YTD

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Corbin Opportunity Fund661.11.71.6
Morrocroft Special Opportunity II LP50.00.00.8
TAS Fixed Income Arbitrage H USD48.40.80.4
Narrapuno SPC - Convergence A USD31.00.40.3
Stenham Credit Opportunities USD21.62.00.1
TAS Fixed Income Arbitrage A USD48.40.70.1
Sandalwood Debt Fund A LP56.01.50.0
TAS Fixed Income Arbitrage G EUR48.40.70.0
EnTrust Diversified Select Credit LP39.81.8-0.4
Permal Fixed Income Holdings A USD2234.81.4-1.4
Acorn Credit Strategies LP30.50.5-1.8
GLL Single Strategy LP22.00.8-2.2
Burkian Fund Strategy18.00.8-2.4
AIP Select Mortgage Fund LP75.51.1-3.7
Horizon Credit Hedge USD AN/A0.8-3.8

Top 40 Alt Credit UCITS April

With a 4.4% return in April this fund run by Luxembourg based Oyster Asset Management topped the monthly returns and took its YTD returns to 6.1%. The fund aims to provide investors with a capital appreciation by means of a portfolio consisting mainly of non-investment grade (high-yield) bonds issued by companies based around the world. The fund has exposure in all geographical locations and is 100% long.

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Oyster Global High Yield I USD HD260.24.46.1
Deutsche Inv I Euro HY Corp USD FCH6.62.35.5
GAM Star Alt. FI Inst'nl GBP Income120.52.34.2
PVE Credit Value Fund A29.62.3-0.5
GAM Star Credit Opp - USD Instl681.62.31.8
Duemme SICAV Euro Investments Plus144.22.12.1
Breisgau-Rent79.02.1-0.4
GAM Star AR Bond Plus USD Instl A872.62.02.8
GAM Star Credit Opp - EUR Instl396.22.00.8
Barmenia Renditefonds DWS26.41.94.5
DWS Euro High Yield Bond Master JPY H1627.11.93.8
New Capital WNBF USD/INR Hedge Inst939.11.97.4
Cheyne Convertibles Absolute Return84.71.8-1.4
GAM Star AR Bond GBP Instl Acc1039.41.61.4
Oyster European Corp Bonds C EUR395.51.61.8
Polar Cap Gl Convert Fund I USD454.11.50.6
GAM Star (Lux) Convertible Alpha D USD13.71.4-0.1
Alegra High Grade ABS Fund88.51.4-0.8
Rubrics Global Credit GBP C301.01.32.4
GAM Star AR Bond Def USD Instl Acc66.61.21.1
Rubrics Global Credit UCITS EUR B301.01.22.1
Cheyne Global Credit UCITS IV I1 EUR111.01.12.2
Man GLG Gl Convertibles IM USD188.71.1-1.7
Man GLG ABS Fund Corp Acc181.31.0-1.0
RWC Global Convertibles Fund B USD1819.00.9-2.0
DB Fixed Income Opp DPM USD185.30.92.5
Oyster USD Bonds C USD128.20.84.3
Oyster Flexible Credit I M EUR PR74.40.8-0.7
Man GLG Cred-Eq Alternative IN H USD53.60.8-4.7
Deutsche Inv I Euro Corp Bonds IC293.60.83.3
DB Fixed Income Opp DPM EUR116.00.82.2
Candriam Bonds Credit Op I-EUR1332.30.72.1
GAM Star MBS Total Return - USD Inst146.20.70.0
Lyxor / Chenavari Credit Fund I USD9.70.7-3.6
Oyster Multi Asset Inf Shield R USD44.30.71.6
Pictet Abs Ret FI HI dy GBP1146.60.71.3
Deutsche Inv I Short Dur Credit FC148.10.71.7
Rubrics Global FI UCITS (A-USD)305.00.62.2
PTR Kosmos HI USD582.00.61.2
Byron Fixed Income Alpha Sub-Fund17.20.6-1.5

Top 40 Alt Credit UCITS YTD

This high yield bond fund is leading the field YTD with returns of 9.9% following a healthy April which returned 1.9%. It seeks to achieve strong growth in returns and a growth in assets in the medium to longterm. To achieve this goal, it places its investment focus on high-yield corporate bonds denominated in Euro. Deutsche Asset & Wealth Management Investment runs the fund which was 76% invested in corporate bonds, 9% in financial bonds, 4% in emerging markets corporates and 1% in other.

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
DWS Euro High Yield Bond Master BRL1627.11.69.9
New Capital WNBF USD/CNY Hedge Ord Inc939.11.68.7
Renminbi Bond Fund UI GBP Inst27.10.58.3
Oyster Global High Yield I USD260.24.37.4
PTR Kosmos I GBP586.5-0.87.1
Man GLG Corporate Bond Fund Prof Inc138.2-0.15.9
Deutsche Inv I Euro HY Corp USD FCH6.62.35.5
Renminbi Bond Fund UI GBP OD27.10.35.3
DB Platinum IV Sovereign Optima I2D-E150.7-2.44.8
Rubrics International Bond A - USD5.00.44.7
Barmenia Renditefonds DWS26.41.94.5
Oyster USD Bonds C USD128.20.84.3
GAM Star Alt. FI Inst'nl GBP Income120.52.34.2
DWS Euro High Yield Bond Master JPY H1627.11.93.8
DWS Eurorenta696.5-0.33.4
Deutsche Inv I Euro Corp Bonds IC293.60.83.3
GAM Star AR Bond Plus USD Instl A872.62.02.8
RAM (Lux) Tactical Gl Bnd Tot Re E EUR108.70.32.7
Oyster European FI C EUR272.30.02.7
DB Fixed Income Opp DPM USD185.30.92.5
Rubrics Global Credit UCITS USD A301.01.32.5
Man GLG Strategic Bond Fund Prof703.60.02.5
DWS Euro-Bonds (Medium)259.40.52.5
Deutsche Inv I Euro-Gov Bonds FC868.3-1.02.4
GAM Star Credit Opp - GBP Inst'l (Acc)253.32.02.3
Rubrics Global FI UCITS (A-USD)305.00.62.2
Cheyne Global Credit UCITS IV I1 EUR111.01.12.2
DWS Covered Bond Fund FD217.60.02.2
DB Fixed Income Opp DPM EUR116.00.82.2
Candriam Bonds Credit Op I-EUR1332.30.72.1
Duemme SICAV Euro Investments Plus144.22.12.1
DB Fixed Income Opp ADV NL EUR9.50.72.0
DB Platinum IV Sovereign Plus R1C110.20.12.0
DB Fixed Income Opp ADV d EUR30.20.72.0
Oyster European Corp Bonds C EUR395.51.61.8
Deutsche Inv I Short Dur Credit FC148.10.71.7
Oyster Multi Asset Inf Shield R USD44.30.71.6
Polar Cap Gl Convert Fund I GBP454.10.01.4
GAM Star AR Bond GBP Instl Acc1039.41.61.4
Pictet Abs Ret FI HI dy GBP1146.60.71.3
PTR Kosmos HI USD582.00.61.2

Top 10 Fixed Income MBS April

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Angel Oak Strategic Mortgage Income220.53.4-3.0
SPM Opportunity Fund209.03.3-0.1
IAM Structured Credit Strat Composite108.92.95.9
Nykredit Alpha Mira100.72.35.2
MBS Agency Fund774.02.31.3
Seer Capital Partners Master Fund LP1521.02.1-7.7
SPM Core868.02.0-0.6
Voya Mortgage Investment1238.61.72.7
Dalton High Yield Opportunities Fund88.01.6-0.5
Pine River Fixed Income Master Fd Ltd1598.81.5-3.8
Structured Servicing Holdings1166.01.5-2.6
IAM Credit Opportunities Master Fund38.81.51.6
Lynx Rising Rate Fund37.01.5-11.7

Top 10 Fixed Income MBS YTD

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
IAM Structured Credit Strat Composite108.92.95.9
Nykredit Alpha Mira100.72.35.2
Midway Market Neutral Fund490.01.54.0
New Providence Income Fund55.70.93.9
Nykredit Alpha KOBRA103.91.42.9
Voya Mortgage Investment1238.61.72.7
Cello Fixed Income Master Fund242.90.42.4
Cheyne RE Credit Holdings A GBP466.00.52.1
Timberline Fund LP55.40.61.8
IAM Credit Opportunities Master Fund38.81.51.6
Relative Value Fund (The)5.60.51.4
Providence MBS Fund Ltd928.81.01.3
MBS Agency Fund774.02.31.3
KWK Partners LP185.70.31.2
WAF Master Fund LP150.00.61.1

Top 10 Fixed Income High Yield Funds April

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Venator Income Fund F57.22.82.8
Canepa Short-Term High Yield Offshore88.02.52.5
Concise Capital Composite Fund88.92.52.5
PENN Core HY Bond Fund LP368.62.12.1
Pictet EUR Hi Yield HI USD1844.02.12.1
WB Opportunities Fund Ltd122.42.02.0
Capital Four Credit Opportunities Fund88.61.91.9
Pictet US High Yield I USD628.01.71.7
Horizon Multi Dis. Fund LP (A)10.71.61.6
Pictet EUR Short Term Hi Yield HI USD3467.81.41.4
Candriam Bonds Gl High Yield (I)500.21.41.4

Top 10 Fixed Income High Yield Funds YTD

NameFund Size ($m)Apr 2016. Return (%)YTD Return (%)
Venator Income Fund F57.22.82.8
Canepa Short-Term High Yield Offshore88.02.52.5
Concise Capital Composite Fund88.92.52.5
PENN Core HY Bond Fund LP368.62.12.1
Pictet EUR Hi Yield HI USD1844.02.12.1
WB Opportunities Fund Ltd122.42.02.0
Capital Four Credit Opportunities Fund88.61.91.9
Pictet US High Yield I USD628.01.71.7
Horizon Multi Dis. Fund LP (A)10.71.61.6
Pictet EUR Short Term Hi Yield HI USD3467.81.41.4
Candriam Bonds Gl High Yield (I)500.21.41.4